Market Overview
Home Prices in Prior Lake, MN
The median home value in Prior Lake, MN is $536,321 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 2% compared to a year ago and up 2.8% from two years prior.
Compared to the U.S. national median of $410,000, homes in Prior Lake are priced31% above average. Prior Lake is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Prior Lake home values have risen by approximately16.2%, reflecting steady appreciation in this market.
Price History
Prior Lake Home Price Trend
City Comparison
Prior Lake vs. National Median
At $536,321, homes in Prior Lake cost 31% above the national median of $410,000. Buyers in Prior Lake should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Prior Lake?
20% Down Payment
$107,264
on $536,321
Monthly P&I
$2,797/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,552/mo
incl. taxes & insurance
Income Needed
$142,080
gross annual (30% rule)
10% Down Option
$53,632
+ PMI applies
Loan Amount (20% dn)
$429,057
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Prior Lake, MN?
The median home value in Prior Lake is $536,321 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 2% year-over-year.
How much have home prices changed in Prior Lake?
Over the past year, home values in Prior Lake have increased by 2%. Over five years, prices have risen approximately 16.2%.
How much do I need to earn to buy a home in Prior Lake?
To comfortably afford the median home price of $536,321 with a 20% down payment ($107,264) at today's rates (6.8%), you'd need a gross annual income of approximately $142,080. This assumes keeping total housing costs at or below 30% of gross income.
How does Prior Lake compare to the national average home price?
The national median home value is approximately $410,000. At $536,321, homes in Prior Lake are 31% above the national average.
What metro area is Prior Lake part of?
Prior Lake is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.